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Finance Minister Roni Bar-On. (Uriah Tadmor / Jini)
Last update - 19:42 11/10/2008
Finance Minister: No Israel banks will collapse in global crisis
By Haaretz Service
Tags: Finance, financial crisis 

Finance Minister Roni Bar-On assured the Israeli public on Friday that despite the current global financial crisis, Israel's banks will definitely not collapse.

In an interview with Channel 2 news Friday evening, Bar-On said that "based on examination, including one from today, the body overseeing the banks can state with the clearest certainty that the banks in Israel are stable. As I see the situation, and I see it in figures, no banks will collapse."

The finance minister went on to say that "once we wanted to be like America or Iceland, but today we don't. We have a completely different banking system. Here we regulate all the time. No banks have gone under, and none will."
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In response to a question whether the treasury will refrain from opening stock market trading on Sunday if the stocks plummet, Bar-On said "We have to calm down, and calm the public. Markets go up and markets go down and we had three days of nervous trading in the world. I hope everything will be all right."

In a similar interview with Channel 1 news later Friday, the finance minister said "the banks in Israel are stable, in contrast with what is happening outside the country. There is not one Israeli citizen that is not afraid for his savings. But we're seeing deposits. If there was fear over the banks' liquidity, there wouldn't be any deposits."

He added that the treasury has devised plans to address possible scenarios that may arise in light of the crisis, but refrained from revealing the scenarios for fear of creating panic.

Bar-On went on to say that "the crisis will not halt the growth in the economy. We will ensure that the credit crisis is kept under control."

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      1.   Ronny Bar-On: 23:44  |  truly yours 10/10/08
      2.   Read and Weep 23:49  |  Baz Mann 10/10/08
      3.   I hope he is right 23:59  |  Mark Lincoln 10/10/08
      4.   Just how will Israel`s economy grow? 00:10  |  Chris Linthwaite 11/10/08
      5.   KISS OF DEATH 00:26  |  Neutered Observer 11/10/08
      6.   Be skeptical about this statement 00:46  |  NR 11/10/08
      7.   Inspiring Confidence 01:12  |  Jeff Northridge 11/10/08
      8.   Better Regulation in Israel, but Fraud was Only Part Of This 01:24  |  UsedToPostHere 11/10/08
      9.   #3, Mark Lincoln 02:09  |  Cipora Julianna Kohn 11/10/08
      10.   #4, lithwaite, hoping breathlessly 02:15  |  Cipora Julianna Kohn 11/10/08
      11.   Corrupt system 03:09  |  Joe 11/10/08
      12.   finance minister. 05:16  |  Tadeu 11/10/08
      13.   Good news. 05:16  |  Maureen Ann 11/10/08
      14.   #11 A bit over generalizing aren`t we? 05:43  |  Gili 11/10/08
      15.   #13 09:20  |  jl 11/10/08
      16.   Skeletons in closets 09:25  |  Clickfool 11/10/08
      17.   #5 observer`s best post neutered 10:40  |  odles 11/10/08
      18.   Mr. Bar On and addressing possible scenarios. 11:30  |  Stephen. 11/10/08
      19.   What upsets me.... 11:52  |  Esther 11/10/08
      20.   #10 Cipora 14:56  |  Chris Linthwaite 11/10/08
      21.   More extreme horror for the World Economy over the next 2 weeks 18:18  |  Clickfool 11/10/08
      22.   Paulson appoints a crony to run Toxic Bank fund 18:20  |  Clickfool 11/10/08
      23.   Time to keep our heads down and mouths shut 21:00  |  Zeev 11/10/08
      24.   Regulation in Israel 23:45  |  SM 11/10/08
      25.   #4 04:25  |  ###$$$ 12/10/08
      26.   clickfool is just a fool-no click or clack 04:41  |  Commander Zero 12/10/08
      27.   #11 Joe 05:11  |  B$I$QRU/18 12/10/08
      28.   #23 Zeev 05:19  |  Jew Lover 12/10/08
      29.   Did any Israeli banks buy? 05:20  |  Mark Lincoln 12/10/08
      30.   Clickfool - Cronies to Oversee Cronies 05:47  |  Mark of Lewiston 12/10/08
      31.   Finance Minister`s code for plenty of liquidity. 07:13  |  michael mazur 12/10/08
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